California Attorney General Rob Bonta announced Nov. 21 that ProMedica Health System is relinquishing control of seven skilled nursing facilities to Providence Group.
The system's turnaround efforts include using proceeds of a proposed $710 million deal to sell hospice and home health assets to pay off direct placement debt.
The healthcare chain won breathing room as its letter of credit provider waived a rating covenant and removed an event of default provision for junk downgrades.